Restate the following income statement for a retailer in contribution format.Sales revenue ($100 per unit) $91,000 Less cost of goods sold ($58 per unit) 52,780 Gross margin 38,220 Less operating costs: Commissions expense ($7 per unit)$6,370 Salaries expense 7,800 Advertising expense 5,900 Shipping expense ($2 per unit) 1,820 21,890 Operating income $16,330 Per Unitselect an income statement item $enter a dollar amount $enter a dollar amount select an opening name for section one : select an income statement item $enter a dollar amount enter a dollar amountselect an income statement item enter a dollar amount enter a dollar amountselect an income statement item enter a dollar amount enter a dollar amountselect a closing name for section one enter a total amount for section one enter a total amount for section oneselect a summarizing line for the first part enter a total amount for the first part $enter a total amount for the first part select an opening name for section two : select an income statement item enter a dollar amount select an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $enter a total amount for this statement

Income statement: The income statement determines the net income of the business by subtracting the…

Answered: Restate the following income statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Restate the following income statement for a retailer in contribution format.

Sales revenue ($100 per unit)			$	91,000
Less cost of goods sold ($58 per unit)				52,780
Gross margin				38,220
Less operating costs:
Commissions expense ($7 per unit)	$	6,370
Salaries expense		7,800
Advertising expense		5,900
Shipping expense ($2 per unit)		1,820		21,890
Operating income			$	16,330

			Per Unit
select an income statement item		$enter a dollar amount	$enter a dollar amount
select an opening name for section one :
select an income statement item	$enter a dollar amount		enter a dollar amount
select an income statement item	enter a dollar amount		enter a dollar amount
select an income statement item	enter a dollar amount		enter a dollar amount
select a closing name for section one		enter a total amount for section one	enter a total amount for section one
select a summarizing line for the first part		enter a total amount for the first part	$enter a total amount for the first part
select an opening name for section two :
select an income statement item	enter a dollar amount
select an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total amount for this statement

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